On August 6, Democratic Party leader Jung Cheongrae expelled lawmaker Lee Choonseok from the party over allegations of stock transactions under borrowed names. Although Lee had resigned from the party the previous day, the party imposed the heavier disciplinary action of expulsion instead of accepting his resignation.
At the party’s Supreme Council meeting that day, Jung stated, "I understand that there are significant public concerns regarding Representative Lee’s alleged stock transactions under borrowed names," and added, "Immediately after yesterday’s media reports, I instructed the Ethics Inspection Team to conduct a thorough investigation."
He continued, "According to Article 42 of the party regulations, the party leader may impose emergency disciplinary action by a resolution of the Supreme Council if there is a serious and evident reason for discipline, or if urgent action is required to prevent significant concerns for the party. In accordance with the emergency disciplinary rules, we intended to impose a heavy disciplinary measure such as expulsion through a Supreme Council resolution, but Representative Lee resigned from the party." He then introduced regulations that allow for punishment if a member resigns to avoid disciplinary action, and declared, "Representative Lee is expelled from the party."
Jung said, "I am truly sorry and at a loss for words that such an incident occurred immediately after I took office as party leader. As party leader, I feel a heavy sense of responsibility and will ensure strict discipline among party lawmakers to prevent such incidents from happening again."
He added, "In line with President Lee Jaemyung and the Lee Jaemyung administration’s stance, which declared that those who manipulate the stock market in Korea will face ruin, we will strictly punish any similar incidents in the future. We will also establish measures to prevent recurrence so that the public will no longer have to worry about such issues. I sincerely apologize once again for causing concern among the public."
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